Investor sells creative office campus in San Diego for $20.4 million
JLL completes sale of The Oberlin in Sorrento Mesa area
SAN DIEGO, CALIFORNIA, October 15, 2018 – JLL’s Capital Markets team announced that it has completed the sale of The Oberlin, a three-building, 62,424-square-foot creative office campus located at 5889, 5893 and 5987 Oberlin Drive in San Diego, California. Located in the highly desirable submarket of Sorrento Mesa, the property was sold to Irvine California-based Crown Realty & Development for $20.4 million.
JLL’s team of Bob Prendergast, Lynn LaChapelle, Sach Kirpalani and John Morrison represented the seller Bixby Land Company. The buyer, Crown Realty & Development, Inc., and its affiliate CPF Oberlin Associates, LLC’s team of COO Kreg Groat, Vice President of Transactions Ann Vera, Senior Acquisitions Manager Mike Vaughan, Sr. and Senior Property Manager Nikkie Marion represented itself.
"Sorrento Mesa remains one of San Diego’s most desirable office markets due to its central location, strong tenant base and its focus on technology," said Prendergast. "The Oberlin provided Crown Realty & Development with the opportunity to acquire a modernized and fully repositioned property in a premier location with strong upside potential and an opportunity for stabilization."
The Oberlin is located just minutes from Interstates 805 and 5, providing immediate access to neighborhood communities. The property underwent a $6.9 million renovation in 2016 and features maximum tenant flexibility and integration between indoor and outdoor spaces with fully furnished patios.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with operations in over 80 countries and a global workforce of 88,000 as of September 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com